Trend of market is down - IIFL

As per Nifty price/volume chart, the trend of the market is firmly established on the downside with formation of engulfing bearish line on the candlestick negating formation of three white soldiers. As it continues to trade in the cycle of lower top and lower bottom, recent lows of 5,120 could be violated in the near term.

Sensex September future which added 510cont in open interest has seen fresh short in yesterday trade.

On option front, BSE100 September 5,400 strike call which added 500cont in open interest in has seen buying in yesterday trade, while put unwinding was seen at BSE100 September 5,300 which shed 10050cont in open interest.

Source : Equity Bulls

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